Predictive analysis is the process of using historical data to forecast future outcomes. Predictions are determined by statistical algorithms and machine learning tools to help inform decisions. Predictive analysis can discover data patterns that humans might not clearly see.
Predictive analysis is often used to detect fraud, optimize marketing campaigns, improve operations and identify risks. New business opportunities can be discovered, and organizations can become more responsive to business needs too when using predictive analysis.
The growth of machine learning, cloud-based technology and big data have been instrumental in supporting predictive analysis capabilities. Now, businesses can collect, store and assess information quickly and effectively when compared with legacy data processes and storage techniques.